I got here to realize that entrepreneurship has been there for therefore many years and that there are various individuals who cannot define accurately who an entrepreneur is. This is because there’s a disagreement of whether entrepreneurs are born or made. By the way, are entrepreneurs born or made? I’m afraid if we start this dialogue we’d not come to a conclusion.
Why is it that there isn’t a universal agreement whether entrepreneurs are born or made? First, entrepreneurs are born because there are some individuals who have come up with new enterprise ideas which can be at the moment recognized as profitable businesses however these individuals had been by no means educated on easy methods to change into entrepreneurs. Alternatively entrepreneurs are made because there are some successful entrepreneurs who have studied entrepreneurship programs (diploma and degree programs) offered by faculties and universities.
Economics and business folks don’t seem also to agree on who is a real entrepreneur. From economist perspective, «The entrepreneur is one who is willing to bear the risk of a new venture if there is a significant likelihood for profit. Others emphasize the entrepreneur’s function as an innovator who markets his innovation. Still other economists say that entrepreneurs develop new items or processes that the market demands and aren’t at present being supplied.»
Entrepreneurship concept first got here into existence in the 1700s. Since then it has evolved to what it is now today. Despite the failure of defining who a real entrepreneur is, we can all agree that entrepreneurs play a major role in enhancing the lives of people in many various ways. They come up with new concepts which have led them to create enterprise organizations.
These organizations apart from creating job opportunities directly or indirectly additionally they serve individuals in various ways. Entrepreneurs are viewed as individuals who either create new products or improve the prevailing products in order to resolve problems going through people.
Trait Approach
We are able to describe who a real entrepreneur is by using the trait approach. Under this approach, the widespread traits profitable entrepreneurs possess describes if a person is a true entrepreneur. The traits are:
1.) Taking Risks: They take risks after they have discovered viable business opportunities. They already know that business concepts which have got high risks are the ones which yield high profits. Generally speaking, successful entrepreneurs have taken risks to be the place they’re now.
2.) Passion: Whatever the enterprise idea they come up with, they’ve passion for it. Passion keeps profitable entrepreneurs going by being focused.
3.) Hardworking: Profitable entrepreneurs have a common trait of working hard. They work hard in seeing that each one the tasks of the business are accomplished on time and efficiently.
4.) Optimistic: Optimism is the trait that profitable entrepreneurs have in common. They imagine that in the future their ideas will probably be successful businesses. They don’t have any room for doubting their enterprise ideas.
5.) Good Leadership: They’ve the trait of good leadership. Profitable entrepreneurs know the way to motivate their workers so that they give their greatest in attaining success. They create policies and goals for their businesses. They oversee that these policies are followed and the goals are accomplished on time.
6.) Decided and Persistent: Successful entrepreneurs are decided and protracted in making their new business ideas successful. They don’t hand over after experiencing some failures in executing some tasks however they’re persistent and determined because they’re motivated by success and never money. For them, cash is only a reward they get.
7.) Flexible: Entrepreneurs who have succeeded respond to market needs swiftly. At any time when there are adjustments in market wants they reply to them swiftly so as not to lose their customers. They seek for opportunities to exploit when a change occurs. Profitable entrepreneurs have a standard trait of adjusting their entrepreneurship ventures to fluctuating financial conditions. «The entrepreneur always searches for change, responds to it, and exploits it as an opportunity-By Peter Drucker.»
8.) Creativity: They research and come up with creative new enterprise ideas. Profitable entrepreneurs constantly innovate new ways of satisfying customers.
9.) Organization Ability: Profitable entrepreneurs are well organized. They set up factors of production comparable to labor, land and capital in running their entrepreneurship ventures.
With all the above data, I urge you to not fail to appreciate what a true entrepreneur continues to be working on. This is because a true entrepreneur by no means gives up irrespective of the failures he experiences in executing some tasks. He is optimistic that someday his enterprise concept can be a successful business.
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